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IRS asks Congress to scrap employee retention credit amid ‘gold rush’ of bogus claims
The Hill· 1 hour agoThe IRS is getting blasted with bogus claims for the employee retention tax credit (ERC) and is asking Congress for help. Werfel also said Thursday that the IRS< ...
IRS Says 'Vast Majority' of 1 Million Pandemic-Era Credit Claims Show a Risk of Being Improper
US News & World Report· 1 hour agoIts complex eligibility rules allowed scammers to target small businesses, offering help applying for the ERC for a fee — even if they didn’t qualify. About 10% to 20% of the 1 million claims ...
IRS Can Audit 3 Or 6 Years Back Or Sometimes Forever, States Can Too
Forbes· 16 hours agoIf you face a tax audit and can legitimately point to the statute of limitations to head off trouble...
New IRS Covid Credit Claims Remain on Hold Amid Fraud Scrutiny
Bloomberg Law· 1 hour agoThe IRS will deny tens of thousands more pandemic-era employee credit claims it deems potentially fraudulent in the coming weeks, as it remains in a holding pattern for processing ...
Democrat asks IRS to investigate nonprofit with ties to Kari Lake campaign, legal team
Arizona Mirror via Yahoo News· 7 hours agoPinal County Democrats Chair Lisa Sanor is asking the Internal Revenue Service to investigate a...
IRS penalties on American taxpayers surged nearly 300% last year
FOX Business· 11 hours agoThe IRS hit Americans with $7 billion in tax penalties in 2023, a record-high level that marks a...
IRS advance child tax credits from 2021 not returning in 2024 | Fact check
USA Today· 3 days agoA June 9 Facebook post (direct link, archive link) claims children will receive hundreds of dollars...
JD Supra: IRS Extends Post-Death RMD Relief Under the 10-Year Rule for 2024 Distributions
JD Supra· 2 hours agoThe Internal Revenue Service (IRS) recently extended relief with respect to certain post-death required minimum distributions (RMDs) under Internal Revenue Code Section 401 ...
IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper -...
ABC 7 El Paso· 1 hour agoThe Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper. Its ...
How Do EV Tax Credits Work?
Car and Driver via Yahoo News· 2 hours agoIn 2024, several EVs are eligible for the federal government's tax credit program, which can reduce what you owe the IRS by up to $7500 for a single tax...